Prospect Park - East River median real estate price is $465,896, which is more expensive than 64.9% of the neighborhoods in Minnesota and 55.3% of the neighborhoods in the U.S.
The average rental price in Prospect Park - East River is currently $2,111, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 71.4% of the neighborhoods in Minnesota.
Prospect Park - East River is a densely urban neighborhood (based on population density) located in Minneapolis, Minnesota.
Prospect Park - East River real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and townhomes. Most of the residential real estate is renter occupied. Many of the residences in the Prospect Park - East River neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.
Prospect Park - East River has a 11.6% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 68.0% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.
Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Minneapolis, the Prospect Park - East River neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
People
NeighborhoodScout's analysis shows that the Prospect Park - East River neighborhood has a greater concentration of residents currently enrolled in college than 99.0% of the neighborhoods in the U.S. With 40.9% of the population here attending college, this is very much a college-focused neighborhood.
In addition, the Prospect Park - East River neighborhood stands out within Minnesota for its college student friendly environment. NeighborhoodScout's analysis reveals that this neighborhood is home to a number of college students, is relatively walkable, and above average in safety. In combination, this makes it stand out for a good place for college students to consider. Because a number of college students live here, this neighborhood may be close to a college campus and offer certain amenities nearby geared towards the student body. While it's not an environment for everyone, ambitious scholars can enjoy seasonal excitement between semesters and school breaks, and parents can rest easy knowing that the area has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 8.0% of college-friendly places to live in MN.
Modes of Transportation
More people in Prospect Park - East River choose to walk to work each day (25.2%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.
Also, if your dream is to be able to ride your bike to work each day, look no further than this unique neighborhood. With 5.1% of residents in the Prospect Park - East River neighborhood commuting on a bicycle to and from work daily, this neighborhood has more bicycle commuters than 98.2% of all neighborhoods in the U.S., according to NeighborhoodScout's exclusive analysis.
Car Ownership
Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the Prospect Park - East River neighborhood have a highly unusual car ownership. 26.4% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.6% of U.S. neighborhoods.
Real Estate
One of the really unique and interesting things about the look and setting of the Prospect Park - East River neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 77.6% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 96.3% of all neighborhoods in America.
In addition, 86.6% of the real estate in the Prospect Park - East River neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.
Furthermore, if you like crowded places, then you will probably enjoy the the Prospect Park - East River neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 95.4% of neighborhoods in the U.S., with 22,019 people per square mile living here.
Migration / Stability
The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. In the Prospect Park - East River neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 98.7% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.
Diversity
Did you know that the Prospect Park - East River neighborhood has more Norwegian and Asian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 8.1% of this neighborhood's residents have Norwegian ancestry and 28.7% have Asian ancestry.
Prospect Park - East River is also pretty special linguistically. Significantly, 14.3% of its residents five years old and above primarily speak Chinese at home. While this may seem like a small percentage, it is higher than 98.7% of the neighborhoods in America.
How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the Prospect Park - East River neighborhood in Minneapolis are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 94.1% of U.S. neighborhoods. With 25.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 76.5% of U.S. neighborhoods.
The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.
In the Prospect Park - East River neighborhood, 57.7% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 23.7% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (10.4%), and 8.2% in manufacturing and laborer occupations.
Languages
The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Prospect Park - East River neighborhood is English, spoken by 63.0% of households. Other important languages spoken here include Chinese, Arabic, African languages and Spanish.
Ethnicity / Ancestry
Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.
In the Prospect Park - East River neighborhood in Minneapolis, MN, residents most commonly identify their ethnicity or ancestry as Asian (28.7%). There are also a number of people of German ancestry (18.1%), and residents who report Norwegian roots (8.1%), and some of the residents are also of Irish ancestry (8.0%), along with some Sub-Saharan African ancestry residents (7.3%), among others. In addition, 29.5% of the residents of this neighborhood were born in another country.
How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Prospect Park - East River neighborhood spend between 15 and 30 minutes commuting one-way to work (43.4% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (36.7%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (25.2%) and 6.5% of residents also carpool with coworkers, friends, or neighbors for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
